The Payroll Protection Program (PPP) under the CARES Act can provide eligible businesses with a forgivable loan from the government to be used to keep and pay employees, and for certain other purposes, and to help businesses,...more
5/7/2020
/ Business Entities ,
Business Taxes ,
CARES Act ,
Federal Taxes ,
Income Taxes ,
Limited Liability Company (LLC) ,
Loan Forgiveness ,
Partnerships ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
S-Corporation ,
SBA ,
Self Employed ,
Self-Employment Tax
The IRS issued Notice 2020-23 on April 9, 2020 and announced that the deadline for making estimated tax payments for the second quarter 2020, due June 15, 2020, has been extended to July 15, 2020. This notice supplements...more
March 25, 2020 – The IRS announced a major suspension of many “tax compliance” dates and tax collection measures. Published in IRS Information Release 2020-59 as the “People First Initiative”, the IRS announced that it is...more
3/30/2020
/ Enforcement Actions ,
Federal Debt Collection ,
Federal Taxes ,
Income Taxes ,
Installment Agreements ,
IRS ,
Offers in Compromise ,
Statute of Limitations ,
Tax Appeals ,
Tax Audits ,
Tax Liability ,
Tax Returns
In response to the COVID-19 Coronavirus pandemic, Treasury Secretary Steven Mnuchin announced Tuesday that Americans will have until July 15th to pay their 2019 federal income taxes – and without late payment penalties or...more
In response to the COVID-19 Coronavirus pandemic, Treasury Secretary Steven Mnuchin announced Tuesday that Americans will have until July 15th to pay their 2019 federal income taxes – and without late payment penalties or...more
Businesses that have employees must pay wages and salaries to their employees, and the employer must collect federal employee income taxes and the employee’s share of social security (FICA) from these wages and salaries, add...more
10/29/2018
/ Criminal Prosecution ,
Department of Justice (DOJ) ,
Employer Liability Issues ,
Employment Tax ,
Enforcement Actions ,
Federal Taxes ,
FICA Taxes ,
Form 941 ,
Income Taxes ,
IRS ,
Social Security Taxes ,
Tax Debt ,
Tax Liability ,
Wage and Hour
Recognizing the devastating effects of Hurricane Florence, President Trump on September 10, 2018 declared that an emergency exists in the State of South Carolina and ordered federal assistance to be available beginning...more
9/14/2018
/ Federal Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Natural Disasters ,
State of Emergency ,
Tax Liability ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Trump Administration
On August 8th, the IRS released its much-awaited Proposed Regulations on the new Section 199A 20% profit deduction for pass-through businesses. The new deduction applies to essentially all types of businesses other than C...more
8/15/2018
/ Aggregation Rules ,
Beneficiaries ,
Business Income ,
Business Ownership ,
C-Corporation ,
Estate Planning ,
Federal Taxes ,
Income Taxes ,
IRS ,
Partnerships ,
Pass-Through Entities ,
Professional Employer Organization ,
Proposed Regulation ,
S-Corporation ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Returns ,
Threshold Requirements ,
Trusts ,
W-2 ,
Wage and Hour
Where a business does not pay its federal employment and/or unemployment taxes, and continues in operation, the IRS will utilize administrative measures, including tax liens and levies, to collect the unpaid taxes....more
On April 11, 2018, the South Carolina House of Representatives passed House Bill 3684, which will allow the South Carolina Department of Revenue (SCDOR or DOR) to centralize state tax lien filings. State tax lien filings are...more
The IRS announced on April 17, 2018 that, due to IRS computer problems, all taxpayers are being given an extra day to file their 2017 tax returns and to pay any taxes owed (see IR-2018-100, April 17, 2018). The IRS apparently...more
Section 530 Relief -
Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees. This is a major audit area for the...more
12/20/2017
/ 1099s ,
Employer Liability Issues ,
Employment Tax ,
Federal Taxes ,
Income Taxes ,
Independent Contractors ,
Internal Revenue Code (IRC) ,
IRS ,
Misclassification ,
Tax Audits ,
Tax Liability ,
Tax Penalties ,
Tax Relief ,
W-2
IRS Voluntary Worker Classification Settlement Program -
Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees....more
12/8/2017
/ 1099s ,
Closing Arguments ,
Employment Tax ,
Federal Taxes ,
Income Taxes ,
Independent Contractors ,
IRS ,
Misclassification ,
Tax Audits ,
Tax Liability ,
Tax Penalties ,
VCSP
IRS Form SS-8 Determinations of Employee Status -
Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as “employees.” This...more
11/30/2017
/ 1099s ,
Determination Letter ,
Employer Liability Issues ,
Employment Tax ,
Federal Taxes ,
Independent Contractors ,
IRS ,
Misclassification ,
Tax Audits ,
Tax Liability ,
W-2
Employers that pay wages and other forms of compensation to their employees must comply with federal tax return filing and payment/deposit requirement. Employers that receive services from non-employee contractors and which...more
11/22/2017
/ 1099s ,
Employment Tax ,
Federal Taxes ,
Filing Requirements ,
Form 941 ,
Form W-9 ,
Interest Payments ,
IRS ,
Tax Penalties ,
W-2 ,
W-3 ,
W-4 ,
Withholding Tax
Employers that pay wages and other forms of compensation to their employees must comply with federal tax return filing and payment/deposit requirement. Employers that receive services from non-employee contractors and make...more
11/10/2017
/ 1099s ,
Employment Tax ,
Federal Taxes ,
Filing Requirements ,
Form 941 ,
FUTA ,
Independent Contractors ,
IRS ,
W-2 ,
W-3 ,
Wage and Hour
The IRS investigates criminal violations of federal tax laws, including tax evasion, tax fraud, and not filing tax returns. Many people do not realize that simply not filing a tax return when it is due is a crime under...more
If an individual or business owes federal taxes and does not have the current ability to pay these taxes, the IRS can consider placing the account into “currently not collectible” (CNC) status. If placed in CNC status, a...more